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₿itcoin reached $71,790. +3.28%

♢Ethereum reached $4,035. +3.00%

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📈🚀 Bitcoin Soars Past $70K: A New Era for Crypto

🚀📈 5 Things To Know About Bitcoin

📈🚀 Bitcoin’s Bull Run Forecast by ‘Wolf of All Streets’

Bitcoin Soars Past $70K: A New Era for Crypto

Bitcoin’s value skyrocketed to $71,415, marking a historic peak. This comes as Ethereum also hit a milestone, surpassing $4,000. The crypto world is abuzz as Bitcoin’s price increased by 2.62% in just 24 hours.

🚀Bitcoin’s Bull Run

Recent Performance: Over the past week, Bitcoin’s value increased by more than 10%, and a staggering 47% over the last month.

Upcoming Halving: On April 20, the Bitcoin halving event will cut mining rewards from 6.25 to 3.125 BTC, potentially impacting its value.

📈Institutional Investors Rally Behind Bitcoin

ETF Influence: The launch of spot Bitcoin ETFs in the U.S. has attracted significant institutional investment, with these ETFs now holding over 4% of Bitcoin’s total supply.

Market Confidence: Bitcoin whales are holding firm, with the number of addresses with at least 1,000 BTC rising to 2,107, signaling strong belief in Bitcoin’s future.

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5 Things To Know About Bitcoin

The largest cryptocurrency has sealed its highest-ever weekly close, but bulls continue to face stiff resistance when it comes to breaking higher. As the battle for price discovery rages, Bitcoin is caught in a familiar state of flux — selling pressure at key psychological price levels combined with the relentless bid from the spot exchange-traded funds (ETFs).

Which will gain the upper hand this week?

📈 Key Takeaways from Bitcoin's Action

Weekly Fluctuations: The price of Bitcoin saw typical ups and downs, peaking at $69,000 before dropping to $67,120. It then rebounded, hitting new record highs on March 11.

• ETFs Boosting Bitcoin

The role of spot exchange-traded funds (ETFs) in driving up Bitcoin’s price is becoming more evident. Their influence is so strong that predictions for Bitcoin’s future value are rising, with some now considering $1 million a modest long-term goal.

• Economic Data’s Role

The release of the U.S. Consumer Price Index (CPI) on March 12 is likely to affect Bitcoin’s price in the short term. This data will help guide the Federal Reserve’s interest rate decisions.

• Institutional Interest

The success of spot ETFs has sparked increased interest from institutions in Bitcoin. Statements from financial experts suggest that we can expect significant investment from large firms in the second quarter of 2024.

• Mining Trends

Despite a reduction in Bitcoin rewards coming up, miners have been selling more as prices rise. The Puell Multiple, which compares coin issuance to its annual average, is at one of its highest points in six years.

• Long-Term Holder Behavior

Long-term Bitcoin holders are standing firm, not selling as much as they did during the peak in 2021. Their behavior indicates that they believe the price could go even higher.

As Bitcoin ventures into new territory, its price will be influenced by factors like ETFs, economic data, and mining activity. Keep an eye out for further updates and analysis as Bitcoin’s story continues to evolve. 🚀📊

Bitcoin’s Bull Run Forecast by ‘Wolf of All Streets’

Scott Melker’s Insight

Scott Melker, known as the “Wolf of All Streets,” predicts a significant bull run for Bitcoin and other cryptocurrencies. He believes we’re at the beginning of a major uptrend, especially as Bitcoin’s price has recently hit new highs.

Bubble Caution

Melker warns of a potential bubble, especially for cryptocurrencies without solid fundamentals. He suggests that a correction could follow the current market hype.

Market Excitement

Melker notes the market’s current excitement and the certainty many feel about future wealth. However, he’s cautious about the sustainability of many investment opportunities being presented.

Influences on the Market

The demand for Bitcoin ETFs and the upcoming halving event are driving the market’s bull cycle. January saw the launch of 10 Bitcoin ETFs, which have attracted significant investment.

Varied Market Predictions

Predictions within the crypto community vary, with some experts forecasting Bitcoin prices over $200,000 this year. This optimism is based on high demand and limited supply.

Melker’s views offer a glimpse into the potential for growth and the risks in the crypto market. Keep an eye out for more updates as the situation develops. 🌐📈

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